T. HOLLIDAY HICKS, ESQ., GOVERNOR.

1860.

into effect the objects and provisions of this act,
not inconsistent with the laws of this State, or of
the United States, and to ordain and establish such
by-laws and regulations as they shall deem neces-
sary, proper or convenient for conducting the af-
fairs of the corporation hereby enacted.

CHAP. 256.

SEC. 2. And be it enacted, That the objects of
this corporation are declared to be the Manufactur-
ing of fire-arms, for which purpose they are here-
by authorised and empowered to purchase, hold and
sell land in fee simple or otherwise necessary to
conducting the said business, and to erect thereon
all needful and convenient buildings, and that the
capital stock of the said corporation shall not be
more than a million of dollars, in shares of one
thousand dollars each share.

The company
— its objects,
&c.

SEC. 3. And be it enacted, That said corpora-
tion shall at no time hold more than five hundred
acres of land.

Restriction.

SEC. 4. And be it enacted, That the further man-
agement of the affairs of said company, the stock-
holders shall annually elect five directors, who
shall hold their office for one year and until their
successors are elected, a majority of whom shall
form a quorum for the transaction of business, and
that the directors shall appoint a president and
secretary, and such other officers as may hereafter
be deemed necessary, who shall hold their offices
for one year and until their successors are appoint-
ed, or they are dismissed by the stockholders or of-
ficers of the company.

Officers, &c.

SEC. 5. And be it enacted, That the annual meet-
ings for the election of directors may be held at
such time and place and upon such public notice as
may be provided by the by-laws, and that the
stockholders representing a majority of the stock
may call special meetings of the company at such
time and place and upon such notice as may be
prescribed by the by-laws.

Meetings.

SEC. 6. And be it enacted, That the stock of
said company shall be deemed personal estate;
that all property, estate and joint stock of the cor-
poration shall he bound and answerable for its
debts and liabilities.

Stock.

SEC. 7. And be it enacted, That nothing con-
tained herein shall be construed as granting bank-
ing privileges or to authorise the said corporation to

Construction.